Closing Gold & Silver Market Report –8/19/2014
Ted Prince
8/19/2014 3:57:00 PM
GOLD TRIMMED ON STOCK RALLY AS INVESTORS EYE JACKSON HOLE
Increased risk appetite has weighed on Precious Metals and lifted stocks today as strong U.S. housing data influenced a temporary move away from Gold and Silver. The Gold price continues to hover around $1,300 an ounce as investors and traders alike mull over geopolitical tensions abroad and domestic economic data for signs of future market movement. Many investors will be eyeing the outcome of this week’s annual Federal Reserve meeting in Jackson Hole, WY, when central bankers from around the world will gather Thursday and Friday. The event has historically ended with important policy announcements regarding the future of U.S. and world monetary policy.
Strong housing and corporate earnings data helped boost U.S. stocks today as the S&P 500 climbs toward another all-time high. “The market has come back strong this week in a repeat of what we’ve seen throughout the bull run, the ability to motor through geopolitical events,” Tim Rudderow, president and chief investment officer at Mount Lucas Management Corp., said. “Today’s numbers were solid but not spectacular, and that’s perfect in an environment where really robust economic growth would not be positive.” At present, equities investors prefer slow and steady gains as large economic advances could influence higher interest rates sooner than later.
At 5:00 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,297.40 Down $2.90
- Silver, $19.47 Down $0.22
- Platinum, $1,439.70 Down $6.50
- Palladium, $882.50 Down $13.30
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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
